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Before you open your doors, you will want to write up a business plan to help you define your objectives, set goals and see potential problems. Assemble an industry analysis and do a market analysis.
If your plan includes figures that seem unrealistic, you should justify them.
As your business plan will help you make decisions, it’s important the information you base those decisions on is correct. We have some great advice on how to get more accurate figures for your business plan.
Your business plan is essentially your company’s strategic blueprint.
It explains what your business idea is and sets out your goals and how you will achieve them, while considering the environment you’ll operate in.
Putting your plan together using the following sections can help you make a strong case for securing the required finance: As we’ve discussed, your business plan will be critical to you running a profitable shop, which is all the more reason to ensure that you are thorough in your approach.
Here are some top tips for writing your plan: It’s unlikely that you will be profitable straight away and sales may show steady growth rather than a massive spike.To help you out, we’ve created a business plan template specifically for shops and retail companies with physical stores.It’s free to download and takes you through the process step by step with detailed guidance notes.Consider the advantages and disadvantages you have over other retailers. This is a miniature version of your business plan and where you describe the business and create your mission statement.Include market potential, management team and prepare an exit strategy.Your accountant may be able to give you tips and ideas, or ask your bank if they have a small business adviser you could talk to.If you’re ready to start your research and writing, why not use an online template?This plan outlines how Boston Rags, a start-up retail men's, women's, and children's clothing store, will provide the Hartford community with unique clothing they would normally purchase outside of the state.Boston Rags Clothing Store will be a start-up retail men's, women's, and children's clothing store specializing in unique clothing from other parts of the U. This business will be a casual urban wear traditional clothing store which will be run by the owners, Nancy Seymour and Joanne Arbor, as a Partnership.It will be located at 423 West Oaks Boulevard, near downtown Hartford, Connecticut.This store will also have a local market and will serve both youth and adults.